Trading Tips For Today..

4 Important Tips...

1. Learn to take precision entries based on price action. However, don't use PRICE ACTION ALONE. Make sure co-confirmed by Fibs Retracements, Support & Resistance and Trend lines. By making the most precise entries you can then minimize your risk by using tighter technical stops.
2. Don't trade just to be TRADING. Don't jump on the market just because it is moving. Have a cleared DEFINED REASON for entering the market. Practice having a PATIENCE to take only 'A" TRADES. This will help you to make more profit with smaller drawdowns.
3. Learn to control risk in every trade. The best method to control risk on every trade is by creating "Free Ride Trade". Its very unlikely the price will hit your stop loss unless the trend is reverse.
   
4. Use consitent position sizing every trade. I found out the hard way that was a big mistake to risk 4% on a trade i thought was going to be a big winner and 1% on those trade i thought was going to move a little. More often than not the 4% trades turned out to be the losers. So its better to risk same percentage of capital on every trade whether you think it will move a lot or move a little. And quit TRYING TO GUESS which trdaes we going to move a lot or a little because THE TRUTH IS you simply do not know and cannot know in advance. The best you can do is MaKE an experienced based judgement on which trades have highest probability ('A' trades) and we will only take the 'A' trades and RISK THE SAME PERCENT on each of THEM.